Illinois Tool Works beats quarterly profit estimates on strong auto parts demand

Reuters02-03 23:51

Illinois Tool Works beats quarterly profit estimates on strong auto parts demand

Feb 3 - Illinois Tool Works ITW.N on Tuesday reported fourth-quarter profit above Wall Street estimates, as it benefited from strong demand for automotive parts and progress in mitigating tariff impacts, sending shares up about 5% in early trading.

The industrial parts and equipment maker's tariff mitigation measures such as localized manufacturing and price hikes helped it boost operating margins across seven segments.

Also, high vehicle prices have prompted consumers to extend the life span of their old vehicles through maintenance and repair, boosting demand for the company's automotive aftermarket maintenance services.

Quarterly revenue for the automotive OEM segment, the biggest contributor to overall revenue, was $827 million, compared with $785 million a year ago. The segment supplies components and fasteners to automakers including Ford F.N and BMW BMWG.DE.

Illinois Tool Works' profit rose to $2.72 per share in the quarter ended December 31, up from $2.54 per share a year ago.

Analysts, on average, expected a profit of $2.68 per share, according to data compiled by LSEG.

Its fourth-quarter revenue came in at $4.09 billion, compared with $3.93 billion a year earlier.

Analysts expected a revenue of $4.07 billion.

The Glenview, Illinois-based company now forecasts 2026 per share profit between $11 and $11.4, the midpoint of which is below analysts' estimates of $11.26 per share.

(Reporting by Parth Chandna; Editing by Sahal Muhammed)

((Parth.Chandna@thomsonreuters.com;))

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